The Thermal Group expands capabilities with acquisition of ACT Aerospace

The Thermal Group, a leading designer and manufacturer of mission-critical and highly engineered components for the defense, aerospace and industrial sectors and a portfolio company of Behrman Capital, today announced the acquisition of Applied Composite Technology Aerospace, LLC (ACT), a leading manufacturer of advanced composite structures for the aerospace and defense industry. Financial terms of the transaction were not disclosed.

Headquartered in Gunnison, Utah, ACT combines technological innovation with exceptional manufacturing and design expertise, providing their customers with a comprehensive range of composite solutions for both structural and non-structural requirements. ACT's product capabilities include laminate construction, composite compression molding, resin transfer molding and filament winding, serving a wide variety of high-reliability applications in the defense, aerospace, and business jet marketplaces. ACT also provides complementary services such as design, testing, inspection and engineering, among others.

Harley Kaplan, TTG's Chief Executive Officer, said: "ACT augments TTG's established expertise in thermal design and manufacturing by adding advanced composite capabilities to our product portfolio. Together with ACT, we are enhancing our ability to serve customers through a broader suite of highly-engineered solutions. Bringing together TTG's decades of manufacturing know-how in thermal management with ACT's engineering, design and composite manufacturing capabilities will allow for significant cross-selling opportunities, as we look to build on our strategic position and strengthen our long-term growth prospects."

Jason Christensen, President of ACT, said: "We are proud of ACT's 30-year history of quality and serving customers with engineered composite solutions for high-reliability, and often complex applications. Joining forces with The Thermal Group creates exciting opportunities and enables us to create superior solutions for our customers in the aerospace and defense industry. We are eager to collaborate with TTG and leverage its broader infrastructure and resources to support significant growth in the years ahead."

Grant Behrman, Managing Partner of Behrman Capital, said: "The acquisition of ACT represents an important step in the evolution of the TTG platform and continues the Company's track record of building a robust portfolio of high-reliability engineered solutions through strategic acquisitions. We are excited to partner with ACT management as the combined company enters its next phase of growth."

Houlihan Lokey acted as exclusive financial advisor and Latham & Watkins LLP acted as legal counsel for TTG in connection with the transaction.